With the growing interest in modern technologies, more and more people are becoming curious about investing in cryptocurrencies. The difficulty here is that the digital market represents a lot of projects that seem interesting but not all beginners know a lot about them. In this review, we will try to reveal what the Shiba Inu coin is and whether it’s worth investing in.
Our interest in this exact project is driven by its successful run throughout the passing month. At the beginning of 2023, SHIB was valued at $0.0000084. By the time of writing this article, it has grown $0.0000112. Why has this happened and what is the future of this coin? To answer these questions, we need to get into the very concept.
Shiba Inu Explained
To begin with, you should know that Shiba Inu is defined as a meme coin. This means that the project is inspired by the popular joke that went viral. From the name of the coin, you can guess that the Shiba Inu dog memes are the sources of the concept’s inspiration.
The history of this digital currency dates back to 2020. At that time, Shiba Inu managed to become the only competitor for DOGE in the niche of digital memes. It has remained the same until today since none of the other crypto projects inspired by viral memes have been able to acquire the same popularity within the crypto community all around the world.
There are considerate reasons why SHIB has managed to gain the reputation of the biggest “Dogecoin killer”. The meme concept is one of them but isn’t the only one. If things in the crypto world were so easy, we would witness a massive number of other popular meme coins. The merit of the SHIB’s popularity belongs to the team of its founders. They managed not only to use a popular meme but also to promote their project as a reliable development by sending tokens to Ethereum’s initiator Vitalik Buterin who later granted them to the Covid-19 relief efforts in India. This helped the founders to prove that their project was reliable, which matters a lot to crypto enthusiasts.
As a decentralized digital token, SHIB runs on the Ethereum blockchain. This means it supports the technology of smart contracts, which are popular with the developers of dApps (decentralized applications).
The insane popularity of the Shiba Inu meme with social media users and the attention from Vitalik Buterin were the reasons why the price of the coin has been evolving since the day of its launch. Initially, its market cap was around $3 billion. Over the course of two years, it has broken through the point of $6 billion.
Shiba Inu is a good example of how a crypto joke can evolve into a sustainable and mainstream cryptocurrency. Although the ecosystem of this project has evolved with the addition of LEASH and BONE tokens and other projects, it can hardly be perceptive as a real financial asset because of its extreme volatility. How it’s likely to impact the value of the coin in the future? Let’s discover this.
3 SHIB forecasts
SHIB investors look for different price predictions and analyses to understand what will be the future of the Shiba Inu cryptocurrency. Although it’s difficult to make any forecasts because of the unpredictable nature of the cryptocurrency market, we tried to consider some objective reasons and their potential impact on the price of this digital currency.
The ecosystems of the project have been gradually growing throughout 2022. A lot of developers joined it the previous year, which caused the positive value dynamics for the coin after the general crash of the market in early June and July. Besides, the popularity of SHIB Metaverse is growing, which leads to the increased supply of the coin and facilitates the demand for it.
On January 16, 2023, the team behind the project announced that the heavily anticipated Shibarium layer-2 network will be launched “soon”. This upgrade is expected to reduce gas fees and increase the speed of transactions, which might cause another rally in popularity for the coin.
Technical indicators have detected beneficial tendencies of the Shiba Inu cryptocurrency price movements. Algorithm-based assessments predicted the SHIB price increase at the beginning of the year, so we might assume that the forecast of the $0.000044 cost is also highly probable from the perspective of the following 3 years. Such growth will happen in case the team behind the project managed to adapt all the announced upgrades to the ecosystem.
To sum it up, SHIB is the second-biggest cryptocurrency inspired by a meme. If you believe that this concept has a good future and that the SHIB founders will manage to implement the anticipated innovations, adding this coin to your crypto investment portfolio might be a reasonable idea. Whatever decisions you make, we suggest you not allocate big parts of your portfolio to such volatile products. Invest wisely through reliable cryptocurrency exchanges and trading platforms.